Photo by Jimmy Chan on Pexels
It is because of increased weighted funding costs for deposits.
The composite interest rate rose to 2.17% at the end of January from December 2022’s 2.11%, according to the Hong Kong Monetary Authority.
Read more: HKMA raises its base rate to 5.00%
The rise is due to the increased weighted funding costs for deposits during the last month.
Meanwhile, the Monetary Authority recorded a 3-month Hong Kong Interbank Offered Rate (HIBOR) of 3.67%
Since you're here...
...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.
Let us help you drive your business forward with a good partnership!